JLL’s Capital Markets experts today announced the company secured financing for the acquisition of Brompton Court Apartments, located at 7510 Brompton Road in Houston. Voya Investment Management, LLC provided the loan for S2 Capital, which purchased the property from CMS Brompton Court, L.P. 

Managing Director Mark Brandenburg led the JLL team on the financing.  

“This property provided a compelling value-add opportunity in a highly desirable infill location,” said Brandenburg. “The extensive capital improvements planned for this property should result in a considerable upside for the new ownership.” 

Built in 1973, Brompton Court is a three-story, garden-style apartment complex encompassing approximately 717,000 rentable square feet across 793 units. Features of the property include a fitness center, swimming pools, package lockers, storage units and laundry facilities.

S2 Capital plans to make significant upgrades to the property’s units including new paint, appliances, flooring, cabinetry, windows, and bedroom and bathroom fixtures. Additionally, improvements will be made to the swimming pools, fitness center, laundry rooms and leasing office. 

Brompton Court is located within Houston’s Medical Center / Braes Bayou apartment submarket, where rents grew 5.6 percent from 2016 to 2017. The property is close to several major employment centers including the Texas Medical Center, Greenway Plaza and the Galleria. It is also surrounded by some of Houston’s most desirable residential neighborhoods such as West University, Southside Place and Bellaire. 

After a period of oversupply, Houston’s multifamily market regained equilibrium at the end of last year with decade-high positive net absorption of 17,491 units and occupancy increases across all class types.